New Corporate Alternative Minimum Tax Interim Guidance  

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The Treasury Department and the Internal Revenue Service (IRS) have issued Notice 2023-7 to provide interim guidance in advance of the new corporate alternative minimum tax (CAMT) taking effect. The CAMT will generally apply to large corporations with average annual financial statement income exceeding $1 billion. Clarification and calculation instructions is provided. Also included, are answers to basic questions about how certain transactions may be treated and certain adjustments that may be considered for purposes of the alternative minimum tax, including adjustments for certain tax credits and depreciation. An easy method for determining that the new alternative minimum tax does not apply to smaller corporations is defined too.

Notice 2023-7 solicits comments on the rules contained in the notice and certain other issues under consideration. The Treasury Department and the IRS recommend that comments be submitted within 60 days after the date on which Notice 2023-7 was published.  

SPS/GZ will report additional details as they become available over the coming year. We are a full-service tax reporting and stock plan administration firm that provides personalized service and exceptional support, utilizing state-of-the-art technology to business clients of all sizes. We create and e-file, various 1099s, including 1099-NEC, Forms 1042-S, 1098-T, Affordable Care Act tax forms, and Forms 3921 and 3922. Our complete and affordable solution allows administrators to simply upload their tax form data file to our secure portal in a few simple steps and we handle everything else to keep your organization compliant. Contact us today at sales@greenzapato.com or call at (888)375-3049. 

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